In a recent announcement, Arravind Prabu, the founder of Cryptobilis, confirmed that the company was sold to an undisclosed buyer in March 2026. This revelation comes amid ongoing investigations into tampered Ledger wallets that were allegedly sold through Cryptobilis.
Prabu emphasized that since the sale, he and the co-founder have had no operational control or access to the company's backend systems. He stated that they only assisted the new management in an advisory capacity during the transition.
The timing of this disclosure is critical, as Ledger has paused shipments of its devices following the discovery of compromised products linked to Cryptobilis. The company has advised customers not to set up their wallets until further notice.
Despite the sale, the implications of the exploit continue to unfold, with reports indicating that over $90 million in losses have already occurred. Ledger is actively investigating the situation, which has raised concerns about the security of devices sourced from various authorized resellers.
Prabu noted that he was contractually obligated to refrain from public announcements regarding the sale until mid-October, although suppliers were informed of the management change. He did not clarify whether Ledger hardware was part of the sale or who had access to these devices prior to the exploit.
As the investigation continues, Ledger has reiterated that all compromised devices were sourced through Cryptobilis, urging customers to stay updated on the situation.
